November 15, 2022
JMMB Group Limited (JMMBGL) for the six months ended September 30, 2022, booked net interest income of $5.70 billion (2021: $5.82 billion), a decline of 2% year over year. For the quarter, it declined 6% to close at $2.79 billion (2021: $2.96 billion). Of the six-month net interest income:
- Interest income increased 25% to $16.50 billion (2021: $13.15 billion)
- Interest expense increased 47% to $10.80 billion (2021: $7.33 billion)
Fees and commission income for the period amounted to $3.14 billion (2021: $2.52 billion), a 25% increase year over year. Foreign exchange margins from cambio trading recorded a 33% increase to $1.62 billion (2021: $1.22 billion), while net gains from securities trading showed a 53% decline to $1.84 billion (2021: $3.88 billion). Dividend income increased 271% to $95.81 million (2021: $25.81 million).
Operating revenue net of interest expense declined 8% to $12.39 billion (2021: $13.47 billion). For the quarter, it declined 12% to $5.84 billion (2021: $6.60 billion).
JMMBGL recorded an impairment loss on financial assets of $843.66 million (2021: $502.43 million), 68% increase year over year.
Operating expenses increased 12% to $9.96 billion (2021: $8.86 billion) which led to an operating profit of $2.43 billion (2021: $4.61 billion), a 47% decline year over year.
Other income booked for the period soared 871% to $36.64 million (2021: $3.78 million). JMMBGL also booked share of profit of associated companies of $2.16 billion (2021: $2.08 billion).
As such, the JMMBGL booked profit before taxation of $3.79 billion (2021: $6.19 billion), 39% less year over year.
Following taxes of $159.95 million (2021: $700.81 million), net profit declined 34% to $3.63 billion (2021: $5.49 billion). For the quarter, it totalled $1.65 billion (2021: $3.55 billion), 54% less year over year.
Net profit attributable to the shareholders of the company totalled $3.47 billion (2021: $5.13 billion), a 32% decline year over year. For the quarter, it totalled $1.55 billion (2021: $3.42 billion), 55% less year over year.
Total comprehensive loss attributable to shareholders amounted to $7.93 billion (2021: income of $6.26 billion). For the quarter, it amounted to $2.26 billion (2021: income of $3.21 billion).
As a result, earnings per share (EPS) for the six months amounted to $1.77 (2021: $2.62), while the EPS for the quarter was $0.79 (2021: $1.75). The twelve-month trailing EPS amounted to $5.00 where the number of shares used in the calculations amounted to 1,955,552,532 units. Notably, JMMBGL’s stock price closed trading on November 15, 2022 at $36.56 with a corresponding P/E of 7.31 times.
Balance Sheet at a glance:
Total assets as at September 30, 2022 amounted to $637.85 billion (2021: $562.48 billion). This was mainly attributable to ‘Investment and resale agreements’ which amounted to $336.74 billion (2021: $302.37 billion).
Shareholders’ equity totalled $46.51 billion (2021: $64.73 billion). As a result, book value per share stood at $23.78 (2021: $33.10).
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